Top-of-mind economic headlines as we start the week:
— August existing home sales fell 2% from July (1st drop in 14 months) and are down 1.5% from Aug. 2020, in sign that first-time buyers are getting priced out.
— Metals used in electric vehicle batteries have jumped in price in the past year — lithium +49%, cobalt +52%, nickel +28%; could slow conversion to clean energy.
— The rate of expansion in US economy declined in Sept. to slowest pace in a year, amid Covid-19 resurgence and ongoing supply shortages.
— Bank of England expects inflation to remain above 4% into spring 2022; expects economic growth to slow to 2.1% in 3rd quarter 2021.
— China declared all crypto-currency transactions illegal; in April 2021, China represented 49% of the world’s Bitcoin energy use.
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